BNY Mellon acquires interest in Credit Suisse FastMatch ECN

11 February 2013 | 1655 views | 0Source: BNY Mellon

BNY Mellon, the global leader in investment management and investment services, today announced that foreign exchange traders in its Global Markets group are now capable of flowing FX orders to the FastMatch® electronic communication network (ECN).

Based on the matching technology underpinning Credit Suisse's Crossfinder® offering, FastMatch® has been retooled and refined to the needs of global foreign exchange traders. It has been designed to give traders access to large pools of diversified liquidity at unparalleled levels of speed and pricing transparency. As part of its adoption of ECN-based trading capabilities, BNY Mellon has acquired an ownership interest in FastMatch, joining Credit Suisse Group AG and FXCM Inc. as partners in the venture.

"Giving our traders and customers access to FastMatch's ECN capabilities will provide additional alternatives to source liquidity by accessing larger pools of buy/sell opportunity, as well as faster execution," said Craig Messinger, executive vice president and global head of trading and risk management for BNY Mellon Global Markets.

"Participating in FastMatch continues BNY Mellon's tradition of electronic innovation in the FX space," said Jorge Rodriguez, executive vice president and global head of foreign exchange sales for BNY Mellon "With investors increasingly focused on the importance of managing currency risk, we're committed to putting in place FX service enhancements that will enable us to add even more value to client relationships across the BNY Mellon enterprise."